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Who Is Sir Allen Stanford (Other Than $8B Scammer)?

By Kevin Spak,  Newser Staff

Posted Feb 18, 2009 9:13 AM CST

(Newser) – Alleged fraudster R. Allen Stanford may not have been a household name before the SEC accused him of skullduggery yesterday, but not because he’s been keeping a low profile. Calling himself “Sir” Allen Stanford ever since he was knighted in Antigua in 2006, the colorful financier is the world’s 605th richest man, with $2.2 billion in assets and six private jets. He's thrown that wealth around as a high-profile sports sponsor and political patron, the Wall Street Journal reports.

Stanford sponsors the PGA’s St. Jude Championship, and is a major cricket aficionado; in November, he flew a West Indies all-star team to Antigua for a $20 million match with England. Antigua is Stanford’s adopted country—he commutes there by air from his home in St. Croix—but he’s originally a “fifth-generation Texan," who claims he’s related to Stanford University founder Leland Stanford. The school disputes that, and has a lawsuit pending over his group's logo.

Allen Stanford, left, and former West Indies' cricket player Curtly Ambrose celebrate after the Stanford Superstars won the Stanford 20/20 for 20 against England in St. John's, Antigua, Nov. 1, 2008.
Allen Stanford, left, and former West Indies' cricket player Curtly Ambrose celebrate after the Stanford Superstars won the Stanford 20/20 for 20 against England in St. John's, Antigua, Nov. 1, 2008.   (AP Photo/Andres Leighton, File)
In this Wednesday, June 11, 2008 file photo, Sir R. Allen Stanford waves at Lords Cricket Ground in London.
In this Wednesday, June 11, 2008 file photo, Sir R. Allen Stanford waves at Lords Cricket Ground in London.   (AP Photo/Lefteris Pitarakis, File)
Brett Zagone, an investor with Stanford Financial Group, makes a call after finding the doors locked and a statement on the door on Tuesday, Feb. 17, 2009 in Houston.
Brett Zagone, an investor with Stanford Financial Group, makes a call after finding the doors locked and a statement on the door on Tuesday, Feb. 17, 2009 in Houston.   (AP Photo/Houston Chronicle, Steve Campbell)
Investigators from the US Marshals office walk out of the offices of Stanford Financial Group and head to their other office building in the Galleria, Tuesday, Feb. 17, 2009, in Houston.
Investigators from the US Marshals office walk out of the offices of Stanford Financial Group and head to their other office building in the Galleria, Tuesday, Feb. 17, 2009, in Houston.   (AP Photo/Houston Chronicle, Steve Campbell)
In this June 11, 2008 file photo, Sir R. Allen Stanford, poses for photos at the Lords Cricket Ground in London.
In this June 11, 2008 file photo, Sir R. Allen Stanford, poses for photos at the Lords Cricket Ground in London.   (AP Photo/Lefteris Pitarakis, file)
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COMMENTS
Showing 2 of 2 comments
nick
Feb 18, 2009 10:30 PM CST
How many more of these financial crooks that the SEC "overlooked"--more like ignored--in the last 8 years, are still out there raking in billions of dollars, as Phil Gramm (you remember, John McCain's financial advisor) pushed for more deregulation and George W. Bush was reducing the FEC's investigative staff by 50%. HELLO!
Guest
Feb 17, 2009 10:45 PM CST
I guess he robbed in the right way: Get so much money you can hide anywhere.

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